A busier-than-usual start to summer in the European equity capital markets has given way to what is likely to be the second quietest August in 15 years, as bankers and investors alike take a break after a slew of issuance in 2014 and brace themselves for a fresh rush of activity in the rest of the year.

There have been around $1.5 billion of equity capital markets deals from European issuers in the first 26 days of August, according to data provider Dealogic. With just three full business days left, this August looks on course to be the quietest since 2011, when just $629 million of issuance marked a record low for the summer month.